Market Intelligence
Mecum mocks the online auctions
Mecum's recent Glendale auction sold 925 cars for over $60 million, a significant increase from last year's event. The top lot was a 1967 Ferrari 275 GTB/4 that sold for $3.025 million, followed by a 2005 Porsche Carrera GT that sold for a record-breaking $2.2 million due to its low mileage. Other notable sales included a GMC Hummer EV Edition 1, a Rolls Royce Corniche, and a Ford GT, which set a new record with a sale price of $1.1 million.
There’s been a lot of talk about online auctions of late, particularly as they have become a powerful sales channel for the medium to lower ends of the car segment. And yet Mecum, with its events in attendance, is the mother of all rule breakers: after an excellent 2021, it opened this year with the super-mega-hyper-auction that netted over 215 million dollars in Kissimmee, followed by Glendale from 16th to 19th March, which certainly didn’t disappoint.
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Compared to 2021, they jumped from 774 cars on offer to 1,259. And although the percentage of sales fell from 83.20% to 73.47%, they still managed to sell 925 cars against 644 in 2021. Thanks to this, the total was staggering: from $39.5 million (€35.8 million) to $60,938,625 (€55,272,551) thanks also to a slight increase in the average price. Congratulations!
